The National Industrialization Company (Tasnee) offered SAR 1.8 billion to buy 13 percent extra stake in its partly-owned titanium dioxide producer Cristal.

Tasnee submitted the offer to Cristal’s founding shareholder Gulf Investment Corporation, and said the deal, if approved, will be financed from internal resources and Sharia-compliant facilities.

Following the mutual consent of the parties, other regulatory approvals remain to be pursued, a filing to Tadawul said.

Tasnee expected the deal to be complete in the fourth quarter.

Cristal is the world’s second biggest producer of titanium dioxide currently 66 percent owned by Tasnee.

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